Posts Tagged ‘Commissioner Caswell’

Since publication of this post, the tracts nominated last month have been so designated by the Department of Treasury. -Ed.

New Hampshire Governor Chris Sununu has nominated 27 low income census tracts of the state to be designated as Opportunity Zones, part of a federal program encouraging economic development and investment in neighborhoods around the country. Governor Sununu made the announcement from Marceau Park in Franklin, one of the areas designated today.

In New Hampshire, the areas nominated include tracts and contiguous tracts, ranging from the Manchester Millyard, downtown Rochester and tracts in the Seacoast, to the White Mountains and the North Country.

“New Hampshire’s resiliency lies in our local communities – they are the backbone of our society and the focal point of cultural activity,” said Governor Chris Sununu. “For far too long, however, some communities have been left behind. While some have thrived in recent years, others are struggling to keep up. Today, we are announcing 27 Opportunity Zones across the state to encourage investments in areas that are often left behind. Opportunity Zones provide tax incentives to investors to reinvest unrealized capital gains into neighborhoods throughout the state. These local neighborhoods deserve an economic boost, and that is what we are going to give them. The goal is simple: to create jobs, to increase wages, and to revitalize communities across the state.”

“Our goal was to designate tracts that present the best opportunities for investment and can leverage other state and federal resources. My hope is that once this program is fully deployed, it can serve as catalyst to bringing economic opportunity to New Hampshire communities,” said Taylor Caswell, Commissioner, New Hampshire Business and Economic Affairs.

The program was created by the Tax Cuts and Jobs Act, which provides federal tax incentives to investors in areas designated as an Opportunity Zone and is administered by the U.S. Treasury Department. States were required to designate 25% of the low income census tracts in the state as Opportunity Zones. Investors can defer capital gains on earnings reinvested in the zones and long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.

Final designations are subject to federal confirmation and final rules for the new Opportunity Zone are being developed by the US Treasury.

For the second year in a row, a team from the Londonderry Middle School won the annual What’s So Cool About Manufacturing? video contest and the $1,000 top prize.

The contest, coordinated by the New Hampshire Division of Economic Development and the New Hampshire Manufacturing Extension Partnership, pairs middle school students with local manufacturers for a look into the manufacturing process. Sponsors are BAE Systems and Hitchiner Manufacturing.

“Advanced manufacturing is an important driver of our economy and it’s important for students to know what 21st century manufacturing looks like in New Hampshire,” Sununu said. “Over the past four years, the What’s So Cool About Manufacturing? video contest has introduced scores of middle school students around the state to the opportunities there are right here.”

“New Hampshire’s economy is booming and advanced manufacturing contributes greatly to that,” said Commissioner Taylor Caswell of the Department of Business and Economic Affairs. “As the growth of this industry continues, we need to be sure students know that manufacturing offers them a rewarding career path.”

Gov. Sununu’s announcement and the winning videos can be seen on the Division of Economic Development’s 2018 What’s So Cool About Manufacturing? video contest YouTube channel.

Allegro MicroSystems, LLC, a leader in developing high-performance power and sensor semiconductors, broke ground on a 15,000-square foot expansion at its Manchester facility on Dec. 19.

The building expansion will support Allegro’s ongoing growth and investment in research and development, as well as reinforce the location as the company’s center of strategic business development.

“Allegro will continue to strengthen its investment in its technical talent and focus on high growth technological segments,” said Allegro President and Chief Executive Officer, Ravi Vig.

“Our ability to attract and retain skilled, high-tech talent to our Manchester facility will allow us to further invest in this prime location.”

Allegro’s facility is conveniently located minutes from the Manchester-Boston Regional Airport; close to leading New Hampshire and Massachusetts research universities, and within a one hour of the Seacoast, mountains, lakes, and urban environments like downtown Manchester and Boston, making it an attractive location for existing and prospective employees.

Allegro’s focus on advanced technology, product line expansion and innovation fits well with the business platform provided in New Hampshire.

“The Governor and I are fully committed to working with local companies to help them grow their business and attract talent,” said Taylor Caswell, commissioner of the Department of Business and Economic Affairs. “We are pleased that Allegro has chosen to invest in the Manchester area, and we look forward to their employees enjoying the revitalized mill yards, SNHU Arena, and other benefits of downtown.”

Allegro’s building expansion was designed by Margulies Perruzzi Architects and is being built by Hutter Construction Corp., with completion planned for next summer. Allegro will employ abut 400 people at its Manchester site, many of them engineers.